In Portugal, cryptocurrencies could soon be taxed

The contours of taxation not yet defined

The opposition Left Bloc (extreme left) party proposes that cryptocurrencies be subject to personal income tax, in the same way as other types of gain. The party would like the government (Socialist Party) to commit to stop making Portugal an “offshore of cryptocurrencies”: “It is incredible to see how the PS refuses to tax the fortunes created in a few seconds on the Internet while maintaining the VAT on electricity and by not increasing the minimum wage in the context of inflation”, lambasted an MP. If cryptophiles are all wealthy and earn a lot of money with just a few clicks on the Internet.

For the Secretary of State for Tax Affairs Antonio Mendonça Mendes, the taxation of cryptocurrencies is not so simple. It takes time because it requires evaluating “at the international level what is the definition of crypto-assets, which includes cryptocurrencies (…), the regulations in this area, whether in the fight against money laundering and market regulation, in order to present a legislative initiative that really serves a country in all its aspects, and not a legislative initiative that is the cover of a paper”, he defended himself. In France, gains made in cryptocurrencies must be declared in euros and are subject to the 30% flat tax. Capital recently explained how to optimize your tax return if you are in this case.